Obama and Putin at APEC summit

A summit of 21 Asia-Pacific economies has got under way outside Beijing amid China’s efforts to boost its status as a regional leader in trade and finance.

US president Barack Obama and Russian counterpart Vladimir Putin are among leaders joining Chinese president Xi Jinping at the meeting of the Asia-Pacific Economic Co-operation (APEC) forum.

The meeting is due to approve a two-year study of the Chinese-led Free Trade Area of the Asia-Pacific, despite US worries that it might distract from a separate, US-promoted pact, the Trans-Pacific Partnership.

Leaders are also to endorse a regional anti-corruption initiative and discuss other matters.

Mr Xi met Japanese prime minister Shinzo Abe yesterday and shared an awkward handshake seen as a gesture toward easing two years of tensions between Asia’s biggest economies.

Today, China aimed to boost its status as a regional power by launching a rapid-fire series of trade and finance pacts that might dilute US influence.

Opening the APEC summit, Mr Xi urged the 21 economies present to push ahead with regional economic integration and other efforts to promote business ties.

“Clarify the goal, the direction, the road map,” he told the other leaders including Mr Obama and Mr Putin. “At an early date, let prospects become reality and make the two sides of the Pacific highly open and integrated.”